CARGO Therapeutics (NASDAQ:CRGX) Hits New 52-Week Low – Here’s Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares hit a new 52-week low on Friday . The company traded as low as $3.00 and last traded at $3.39, with a volume of 21312441 shares changing hands. The stock had previously closed at $13.19.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CRGX shares. William Blair downgraded shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Thursday. Chardan Capital downgraded CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday. Piper Sandler cut CARGO Therapeutics from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $34.00 to $4.00 in a research note on Thursday. HC Wainwright cut shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday. Finally, Jefferies Financial Group cut shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the company from $32.00 to $3.00 in a report on Thursday. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $15.00.

CARGO Therapeutics Stock Down 74.3 %

The firm’s 50-day moving average is $14.77 and its 200 day moving average is $17.42.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. As a group, analysts anticipate that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CRGX. Brooklyn Investment Group acquired a new position in CARGO Therapeutics in the fourth quarter worth $27,000. China Universal Asset Management Co. Ltd. bought a new position in CARGO Therapeutics in the 4th quarter worth approximately $141,000. BNP Paribas Financial Markets increased its position in CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after acquiring an additional 9,311 shares during the period. SG Americas Securities LLC acquired a new position in CARGO Therapeutics during the 3rd quarter worth $234,000. Finally, JPMorgan Chase & Co. raised its stake in shares of CARGO Therapeutics by 74.9% during the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after purchasing an additional 6,426 shares in the last quarter. 93.16% of the stock is owned by institutional investors and hedge funds.

About CARGO Therapeutics

CARGO Therapeutics, Inc, a clinical-stage biotechnology company, develops chimeric antigen receptor (CAR) T-cell therapies for cancer patients. The company's lead program is CRG-022, an autologous CD22 CAR T-cell product candidate designed to address resistance mechanisms by targeting CD22, an alternate tumor antigen that is expressed in B-cell malignancies.